IPOSep 30, 20262 mins read

Oura pauses IPO as Anthropic’s prospectus spotlights AI’s public-market costs

Oura delayed its planned IPO amid market uncertainty, while Anthropic continues moving toward the public markets with a prospectus that highlights fast revenue growth, heavy losses and major infrastructure obligations.

Crunchbase News

Oura Hits Pause On IPO While Anthropic’s Prospectus Reveals The Cost Of Its AI Ambitions

Image of robotic figures racing to an IPO finish line, to illustrate companies heading toward the public markets. [Dom Guzman] — Image credits:Dom Guzman

Oura steps back from a near-term IPO

Smart ring maker Oura postponed its planned initial public offering, citing market uncertainty. The company had planned to offer 50 million shares at $40 to $44 apiece and was expected to begin trading Wednesday.

At the top of the range, the offering would have raised $2.2 billion. Oura said it is delaying the deal despite strong demand and has not set a new date.

Anthropic keeps moving toward public markets

Anthropic is still moving toward an IPO, though the timing remains unclear. A prospectus reported by Reuters showed revenue climbed twelvefold to nearly $4.6 billion in 2025, alongside an operating loss of $8.06 billion.

The document also showed a nearly $42 billion net loss, including roughly $34 billion in accounting charges tied largely to earlier financing. It outlined $518 billion in future cloud, computing and infrastructure obligations.

AI IPO race centers on timing, scale and cash needs

Anthropic has indicated it plans to reach the public markets before rival OpenAI. Reports cited in the article point to a possible Anthropic debut as soon as October and a potential offering of up to $100 billion, while OpenAI is reportedly looking toward early 2027.

Crunchbase’s predictive intelligence tools point to a longer possible timeline for Anthropic, saying an IPO is more likely in six to 12 months. For investors, the key issue is not only growth, but whether public markets will absorb the infrastructure costs behind advanced AI.

Other fourth-quarter IPO candidates to watch

The 2026 IPO class already has a major headliner in SpaceX, according to the article. Other possible candidates include Nvidia-backed AI cloud provider Nscale, which filed publicly for a U.S. listing and reported $140.6 million in first-half revenue and a $1.02 billion net loss.

The Fidelis Partnership filed on Sept. 24, while data center operator Switch has also been reported as a possible fourth-quarter entrant. Neither Nscale nor Fidelis has announced a trading date.